One assumption of the supply and demand model is that all goods bought and sold are identical.

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One assumption of the supply and demand model is that all goods bought and sold are identical. Why do you suppose economists commonly make this assumption? Does the supply and demand model lose its usefulness if goods are not identical?

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Microeconomics

ISBN: 978-1464187025

2nd edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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Question Posted: Apr 12, 2017 09:34 AM

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One assumption of the supply and demand model is that all goods bought and sold are identical.

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Economists make this assumption along with many others in order to capture the meaning...View the full answer

Microeconomics

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